When it comes to LoL betting, you want to be sure that your money and personal details are kept safe and secure when placing your bets. This is where eCogra (eCommerce Online Gaming Regulation and Assurance) comes in. ECogra is the leading gaming regulator for online betting and ensures that games are kept fair and impartial by providing a code of conduct for gaming providers to operate by. A common way that eSports bookmakers ensure that personal details remain secure is to use a combination of SSL protection which encrypts player’s payment details and Verisign to verify transactions using third-party software. All very technical stuff. Where these facilities are in place, you can be assured that your League of Legends betting payments are secure. So what esports betting payment methods are available?
Debit and Credit Cards
Debit and credit cards are the most common way to fund your eSports bets, but do bear in mind that some cards will charge fees to process your transaction (subject to each individual card provider). The more common debit cards such as Maestro, VISA and Switch are less likely to carry a fee and some credit card’s fees, such as the ones for American Express are very high, meaning they are not used on many UK sites.
If you are worried about keeping your cash safe online, or you would like to keep a separate budget for your League of Legends eSports betting, then paysafecard may be a good option for you. It operates in a similar way to a debit card on your selected eSports bookmaker’s site, but you preload the card first allowing you to keep a tighter grip on your bank roll. Take not though, like credit cards, the paysafecard may incur transaction fees from the sites you use them on. This can also include currency conversion fees if you are using a site outside of your home country.
Some players prefer to use a bank transfer to put money into their eSports betting accounts thanks to the low transfer fees offered with this payment method. Do consider the time transfers take to process. Some banking providers offer instant bank transfers, whereas others can take as many as five business days to hit the intended account.
Digital Wallets and eWallets
Lastly, you could use eWallets or digital wallets such as PayPal, neteller and Skrill, which can be a great alternative to bank transfers as the funds are usually sent instantaneously. Crucially though, only PayPal does this entirely fee-free. Set withdrawal limits are in place depending on which digital wallet you choose. For example, neteller charge 1.75% for credit card deposits, though depositing through bank transfers are free.
Skrill is the most commonly used eWallet in the world when it comes to betting sites and simply requires a registered email to withdraw funds. Withdrawals are subject to a $3 fee to VISA and bank transfers and a 1.9% processing fee for deposits from a credit card.